Andrew is 29 years old and was recently married. He’s been in the workforce since graduating college and wants to get serious about investing his money and becoming more involved with his finances. Andrew’s top priorities are saving for a house, paying off his student debt, and making any necessary changes to his financial plan as a newlywed. He and his wife also hope to soon start a family.
Andrew contributes to his employer sponsored plans and also makes monthly deposits into his savings account at his credit union. He now wants to ensure he’s taking the best course of action for his long-term goals. He’s heard his friends and family talk about working with a financial advisor to help with investing, insurance and other goals, but he admits he doesn’t know where to even start.
Although it is overwhelming, Andrew knows he needs advice from a professional who can help him balance his savings goals versus paying off debts. He looks forward to working with someone he can trust and build a long-term relationship with.
Jessica and Nick are 41 years old. They have been married for 10 years and have 2 children in elementary school. Jessica has had several jobs, but now works as a marketing director, while Nick is in medical sales and travels frequently. Between work and taking care of their kids, they have very little time and energy to devote to their finances.
The couple lives comfortably off their income but are now realizing they have done very little financial planning. A big goal of theirs is to pay for their kids’ education. Additionally, they would like to pay off their mortgage in the next 15 years and both retire by age 62. They each have multiple 401(K) plans from their current and former employers, but have been very hands off in terms of managing all their assets. They bought a life insurance policy from a friend when they got married, but frankly have been too busy with their growing family to meet with a financial advisor.
Jessica and Nick want help coordinating a plan for their investments. They want to know how much they need to be saving to help pay for education and to reach their retirement goal of age 62. They are looking for an advisor who will help provide organization and clarity to help achieve their financial goals.
Bill and Maria are both 64 years old and getting ready to retire. They have saved their entire lives into their employer retirement plan as well as various brokerage accounts, and have accumulated a nice nest egg to live off of in retirement. Bill and Maria’s greatest concern is how to invest their nest egg so it will provide them with income that lasts their lifetime.
Upon retiring, Maria will also have to decide on an employer pension benefit. She will have to decide whether to take a lump-sum payment or a monthly annuity. Bill is also worried about Medicare and Social Security benefits and wants to make sure they make the right decisions on their benefits.
Bill and Maria wonder how their tax situation will change in retirement and how it will affect which accounts they take money from for their retirement income. As they transition from their working years to their “golden years,” Bill and Maria are searching for peace of mind that working with a financial advisor can bring.
Charles is 52 and owns a successful IT consulting practice. He spends a majority of his time meeting with clients and what little time is left over running the day to day operations of his practice. He is frustrated with how much he pays in taxes and wonders if there is a way reduce his tax liability. He knows a retirement plan would help, but he is confused by the options and is unsure as to what best fits his current situation.
Saving and investing is not foreign to Charles, but he is unsure with how his current investment portfolio is allocated. Between work and family obligations, he lacks the time to do the research he once did on his investment portfolio. He and his wife often discuss their financial goals such as retirement and educating their children, but he is not sure where he stands in achieving these goals.
The “what-ifs” that come along with owning a business are something that keeps Charles up at night. For instance, what-if he were unable to work due to disability, how could he support his family and keep his firm afloat? Charles and his wife agree that working with a financial advisor who is both knowledgeable of the unique needs of a business owner and can provide an organized financial plan is a must.